Tag: FTX

DeFi platforms see profits amid FTX collapse and CEX exodus

boss

A week after the fallout from the FTX and Alameda chaos, some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ether (ETH) are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda.  DeFi earnings highlight positive revenue for some protocols According to Token Terminal’s earnings leaderboard, in the last seven days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of strong post-Merge…

This Firm Offers 8 To 12 Cents On A Dollar Of FTX User Deposit Claims

boss

The FTX crisis has escalated into a legal battle between bankrupt crypto exchanges and firms whose assets are stuck on its platform. Before FTX froze assets withdrawal, many crypto firms couldn’t recover their funds from the exchange. As a result, many firms have announced a potential financial crisis if their funds remain unrecovered. Several Users are in a panic due to their funds. However, the latest report revealed that Cherokee Acquisition, a distressed asset investment firm, has given users options to sell their credit claims. But the users can only…

Crypto Hedge Fund Ikigai Caught in FTX Collapse, Large Majority of Firm’s Total Assets Stuck on Exchange: Founder

boss

The crypto hedge fund Ikigai says most of its assets are stuck on the collapsed FTX digital asset exchange. Ikigai founder and Chief Investment Officer Travis Kling tells his 89,900 Twitter followers that they attempted to withdraw investor funds from the platform but failed in retrieving them in their entirety. “Unfortunately, I have some pretty bad news to share. Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw Monday…

Esports Giant TSM Suspends $210M Partnership with FTX

“After monitoring the evolving situation and discussing internally, we’re suspending our partnership with FTX effective immediately,” the company tweeted out in a statement. “This means that FTX branding will no longer appear on any of our org, team and player social media profiles, and will also be removed from our player jerseys.” Source 210MEsportsFTXGiantPartnershipSuspendsTSM CryptoX Portal

Tom Brady, Gisele Bundchen And SBF Sued Over FTX Collapse

boss

Per a report from the Washington Examiner, NFL Legend Tom Brady and others are facing a class action lawsuit from FTX investors. The football player is one of the many celebrity ambassadors who vouched for the crypto exchange platform.  Earlier this week, FTX halted new request withdrawals from its users. Later, its former top executive Sam Bankman-Fried filed for bankruptcy protection in the United States.  In the meantime, millions of dollars in users’ funds are stuck at the venue. Shortly after, these funds were stolen by a bad actor, adding…

Newly Elected US House Whip Emmer Downplays FTX Meltdown, Cheers Crypto

Crypto advocates in Washington routinely maintain that crypto policy is a non-partisan issue that can move forward even in a divided Congress. However, this week’s rhetoric from Democrats such as Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, has painted a harsh picture of crypto suspicion. And many Republicans have been defending the industry, arguing to separate the actions of FTX from the crypto technology underpinning the business. Source

The FTX Collapse Looks an Awful Lot Like Enron

So Enron created Chewco to bid on the CalPERS position. Chewco was nominally independent, but was in fact funded, owned and run by Enron and its executives, and ultimately backed by the value of Enron’s own stock through a secretly guaranteed bank loan. Chewco bought out CalPERS at an inflated, and fundamentally fraudulent, price. Source

Bitcoin 7-Day Volatility Comes Alive As FTX Collapse Shakes Market

boss

Data shows the Bitcoin 7-day volatility has come alive during the last week as the collapse of crypto exchange FTX has shaken up the market. Bitcoin 7-Day Volatility Has Spiked To Values Above 7% According to the latest weekly report from Arcane Research, the current 7-day volatility levels are the second highest seen in this year. The “volatility” is an indicator that keeps track of the average daily returns in the price of Bitcoin over a specific period of time. While this timespan can be of any length, the “7-day”…